近日，"70后"绍兴商人俞光创立的杭州铜师傅文创（集团）股份有限公司（以下简称铜师傅文创）再度 向港交所主板递交上市申请。《每日经济新闻》记者注意到，这也是铜师傅文创2025年5月首次递表失 效后二度冲刺港交所。 《每日经济新闻》记者注意到，目前在铜师傅文创自营的电商平台上，价格最低的是一件售价35元的铜 制葫芦摆件，价格最高的则是一尊售价39999元的铜制佛像。 尽管已将材质版图拓展至金、银和塑胶，但在产品结构方面，铜师傅文创的核心业务仍高度聚焦于铜质 文创产品。报告期内，铜质文创产品贡献的收入占比一直在95%以上，最高达到96.6%。 根据弗若斯特沙利文报告，截至2024年底，铜师傅文创在中国铜质文创工艺产品市场按总收入计位列第 一，市场份额高达35%，是名副其实的"铜制文创一哥"。 为确保产品的独特性和文化内涵，铜师傅文创建立了自研IP（知识产权）和授权IP的矩阵。2022~2024 年，公司分别创建了数百个新的原创产品IP。其中，源自自研IP的收入占比超九成，彰显了铜师傅文创 强大的原创设计能力。2024年，该公司新推出528款基于自研IP的SKU。 公司于2013年成立，俞光借鉴小米模式，成功将铜制 ...

四年辗转两大交易所，铜质工艺品龙头杭州铜师傅文创（集团）股份有限公司（以下简称"铜师傅"）的资本市场之路并不顺 利。近日，因首次招股书失效，公司再度递表港交所。当前，铜师傅虽坐拥中国铜质文创工艺品市占率第一（35%）的位置， 却面临"性价比"打法受限于铜价波动，客群突破没有明显成效以及赛道增长缓慢等多重挑战。在未来原材料价格高企与市场天 花板双重压力下，其能否借力港股实现突破，仍待观察。 铜价高位运行 赚差价变难了 "中国铜质文创工艺产品市场的第一品牌；通过结构化定价及工艺平衡质量及亲民价格……"在最新招股书中，铜师傅在提及自 身竞争优势时把市占率第一和产品具有"性价比"提到了最前面。 实际上，铜师傅一开始正是凭借在铜质文创产品上的"平权之战"起家的。据悉，2013年已经在卫浴出口领域做到上亿身价的俞 光，在购买铜关公像时发现，一尊一米多的铜关公报价120万元，但市场铜价才2800元/吨。这当中的巨大价差，也让俞光看到 了商机，决定进军铜工艺品行业。 值得一提的是，在小米集团CEO雷军的个人微信公众号上，曾发表过一篇名为《铜师傅创始人俞光：小米带给我的启示》的文 章，其中提到，雷军认为铜师傅是整个小米体系之外 ...

作者丨朱艺艺 编辑丨高梦阳 卖"铜质潮玩"一年收入近6亿元，在铜质文创赛道深耕10多年的杭州铜师傅文创（集团）股份 有限公司（简称"铜师傅"）在2024年尝试冲刺A股未果后，赴港IPO。 近日，铜师傅更新招股书，根据弗若斯特沙利文报告，截至2024年12月31日按总收入及线上 收入计，公司在中国铜质文创工艺产品市场均排名第一，市场份额分别约为35.0%及44.1%。 公司核心品类为主品牌"铜师傅"旗下铜质文创产品，2022年-2024年以及2025年上半年贡献收 入分别为4.80亿元、4.88亿元、5.51亿元以及2.93亿元，占比均超过九成。 由于目标受众主要为中年男性，铜师傅被市场称为"中年人的泡泡玛特"。值得一提的是，公司 将这些忠实消费者称为"铜粉"，还为此推出年度"铜粉节"。 截至招股书披露，铜师傅获得了多方明星资本青睐，包括雷军作为联合创始人的顺为资本、小 米集团(1810.HK）控股的天津金米、国中基金、央视基金、复星旗下投资机构复星惟盈等。 铜质文创贡献九成收入 铜师傅的历史可追溯至2013年3月，公司当时以杭州太铜工艺品有限公司的名称成立，并于 2014年11月改制为股份有限公司，直到202 ...

Core Viewpoint - The company, Hangzhou Tongshifu Cultural Creative (Group) Co., Ltd., known as "Tongshifu," has achieved nearly 600 million yuan in revenue from copper cultural products and is now pursuing an IPO in Hong Kong after an unsuccessful attempt to list on the A-share market in 2024 [1][13]. Company Overview - Tongshifu has been deeply engaged in the copper cultural product sector for over a decade and ranks first in the Chinese market with a market share of approximately 35.0% in total revenue and 44.1% in online revenue as of December 31, 2024 [1][3]. - The company's main brand, "Tongshifu," has generated significant revenue from copper cultural products, contributing 4.80 billion yuan, 4.88 billion yuan, 5.51 billion yuan, and 2.93 billion yuan from 2022 to the first half of 2025, accounting for over 90% of total revenue [1][6]. Market Position - The copper cultural product market in China is highly concentrated, with the top three players holding over 71.9% of the market share. Tongshifu leads with a market share of 35.0% [3][4]. - The second-largest competitor, speculated to be Hangzhou Zhubingren Copper Art Co., Ltd., achieved revenues of 4.85 billion yuan and 6.20 billion yuan in 2023 and 2024, respectively [4]. Revenue and Profitability - From 2022 to 2024, Tongshifu's revenues were approximately 5.03 billion yuan, 5.06 billion yuan, and 5.71 billion yuan, with net profits fluctuating from 570 million yuan in 2022 to 440 million yuan in 2023, and then increasing to 790 million yuan in 2024 [11]. - The company reported a revenue of 3.08 billion yuan and a net profit of 300 million yuan in the first half of 2025 [11]. Product Categories and Sales Channels - The core product category is copper cultural products, which contributed 95.4%, 96.3%, 96.6%, and 94.9% of total revenue from 2022 to the first half of 2025 [6][9]. - Online sales dominate the revenue stream, with online direct sales accounting for approximately 70% of total revenue during the same period [10][11]. Consumer Base and Branding - The target audience primarily consists of middle-aged men, leading to the nickname "the Bubble Mart for middle-aged consumers." Loyal customers are referred to as "Tongfen," and the company organizes an annual "Tongfen Festival" to engage them [1][15]. - The company has developed a range of sub-brands, including plastic trendy toys and silver cultural products, although these currently contribute less than 5% of total revenue [8][9]. Investment and Shareholding - The company has attracted significant investment from notable entities, including Xiaomi Group and Shunwei Capital, with Xiaomi-related holdings totaling approximately 22.95% [13][14]. - The founder, Yu Guang, remains the largest single shareholder with a 26.27% stake [13]. Industry Outlook - The domestic copper cultural product market is projected to grow from 1.1 billion yuan in 2019 to 1.6 billion yuan in 2024, with a compound annual growth rate of 7.7% expected from 2024 to 2029, reaching 2.3 billion yuan by 2029 [16].

Core Viewpoint - The company, Hangzhou Tongshifu Cultural Creative (Group) Co., Ltd., known as "Tongshifu," has achieved nearly 600 million yuan in revenue from copper cultural products and is now pursuing an IPO in Hong Kong after an unsuccessful attempt to list on the A-share market in 2024 [1][10]. Company Overview - Tongshifu has been deeply engaged in the copper cultural product sector for over a decade, ranking first in the Chinese market with a market share of approximately 35.0% in total revenue and 44.1% in online revenue as of December 31, 2024 [1][2]. - The company's main brand, "Tongshifu," has generated significant revenue from copper cultural products, contributing 4.80 billion yuan, 4.88 billion yuan, 5.51 billion yuan, and 2.93 billion yuan from 2022 to the first half of 2025, accounting for over 90% of total revenue during these periods [1][5]. Market Position - The copper cultural product market in China is highly concentrated, with the top three players holding over 71.9% of the market share. Tongshifu leads with a market share of 35.0% [2]. - The second-largest competitor, speculated to be Hangzhou Zhubingren Copper Art Co., Ltd., has a market share of 31.8% and reported revenues of 4.85 billion yuan and 6.20 billion yuan for 2023 and 2024, respectively [3]. Revenue and Profitability - From 2022 to 2024, Tongshifu's revenues were approximately 5.03 billion yuan, 5.06 billion yuan, and 5.71 billion yuan, with net profits fluctuating from 570 million yuan in 2022 to 440 million yuan in 2023, and then increasing to 790 million yuan in 2024 [9]. - The average selling price of copper cultural products has decreased over the same period, attributed to a shift in consumer preference towards lower-priced small-sized SKUs [6][7]. Product Diversification - The company is expanding its product range beyond copper cultural products to include plastic trendy toys, silver cultural products, and gold cultural products, although these sub-brands currently contribute less than 5% of total revenue [7]. - Notable product lines include the copper gourd series and the Great Sage series, generating approximately 130 million yuan and 108 million yuan, respectively [8]. Sales Channels - Online sales are a significant revenue source for Tongshifu, with direct online sales contributing 3.55 billion yuan, 3.54 billion yuan, 4.03 billion yuan, and 2.15 billion yuan from 2022 to the first half of 2025, maintaining around 70% of total revenue [9]. Investment and Shareholding - The company has attracted investments from notable entities, including Xiaomi Group and Shunwei Capital, with Xiaomi holding a 9.56% stake and Shunwei Capital holding 13.39% [10][11]. - The founder, Yu Guang, remains the largest shareholder with a 26.27% stake [11]. Industry Outlook - The market for copper cultural products is projected to grow from 1.1 billion yuan in 2019 to 1.6 billion yuan in 2024, with a compound annual growth rate of 7.7% expected from 2024 to 2029, although the total market size is anticipated to reach only 2.3 billion yuan by 2029, indicating limited growth potential for capital investment [14].

近年来，随着越来越多的年轻人把目光转向了中国传统文化，"国潮"已经从当初的新兴概念演变为目前消费市场上不可忽视的强劲 力量。从印有传统纹样的服饰到融入古典美学的彩妆，从老字号的创新产品到国产品牌的科技突破，国潮风正以多元形态渗透进日 常消费。 国潮文化强势崛起之际，越来越多相关企业也乘势将发展目光瞄准到二级市场上。 11月11日，杭州铜师傅文创(集团)股份有限公司(以下简称"铜师傅")第2次向港交所递交招股书，拟在香港主板上市，招银国际为独 家保荐人。该公司是"国潮"消费升级的典型代表，于2013年创立，是植根于中华文化传承的领先文创工艺产品品牌。 据悉，这并非铜师傅首次递表，该公司曾于2025年5月9日第一次向港交所递交申请，但最终以失效告之。在此之前，其还曾于6月 尝试在深交所创业板上市，后于2024年9月终止。 而屡屡谋求上市的背后一方面凸显了铜师傅寻求增长突破之举，另一方面也暴露了公司当前所面临的行业天花板与同质化竞争的双 重压力。 那么，此次赴港上市，铜师傅能否乘势在二级市场寻得"突破良方"呢? 铜制文创龙头，年营收超5亿元 据智通财经观察，铜师傅主要以铜作为核心材质，产品涵盖铜质文创产品、塑胶潮玩 ...

01 财报和&融资 铜师傅递表港交所 铜师傅向港交所主板提交上市申请。招银国际为此次上市的独家保荐人。 铜师傅是中国铜质文创工艺产品市场按总收入计的市场领导者，市场份额为35.0%。铜质文创产品 是"铜师傅"产品线中的核心品类，该市场相对集中，前三大参与者占据了超过71.9%的市场份额。（证 券时报） 新锐品牌OHKU完成近亿融资 近日，潮玩品牌OHKU宣布完成近亿元人民币首轮融资。本轮融资所获资金将用于全球市场拓展、品牌 建设及供应链升级，助力其加速实现从"产品出海"向"品牌出海"的战略转型。（极目新闻） 大麦娱乐2025中期净利润同比增长54% 迪士尼Q3盈利超预期但营收逊色 盘前跌近6% 东时间周四（11月13日）盘前，迪士尼公布了2025财年第四财季（自然年第三季度，以下简称Q3）的 财报，该公司盈利超出市场预期，但营收略低于预期。 受财报影响，截至发稿，迪士尼股价盘前下跌近6%。财报显示，迪士尼Q3营收为224.6亿美元，低于分 析师预期的227.5亿美元；净利润为14.4亿美元，合每股0.73美元，较去年同期的5.64亿美元（每股0.25 美元）增长逾一倍；扣除一次性项目后，调整后每股盈利为1.1 ...

Core Viewpoint - Hangzhou Tongshifu Cultural Creative (Group) Co., Ltd. has officially submitted its listing application on the Hong Kong Stock Exchange, with CMB International as the sole sponsor, highlighting its leading position in the copper cultural product market with a 35% market share and backing from notable investors like Xiaomi and Shunwei Capital [1][4] Company Overview - Founded in 2013, Tongshifu focuses on copper cultural products while also expanding into plastic trendy toys, silver, and gold cultural products, leveraging the artistic background of its founders [1] - The company has established a product matrix centered on copper cultural products, differentiating itself from traditional gold and silver craft enterprises by lowering consumer barriers [1] IP Strategy - Tongshifu employs a dual strategy of "original + licensed" IP operations, introducing a significant number of self-developed IP products from 2022 to mid-2025, while collaborating with international IPs like "Kung Fu Panda" and "Avengers" [2] - Revenue increased from 503 million yuan in 2022 to 571 million yuan in 2024, with a gross margin improvement from 32.2% to 35.4% [2] Financial Performance - The company reported a net profit rebound to 78.98 million yuan in 2024, despite facing challenges such as a decline in average transaction value from 958 yuan in 2022 to 556 yuan in the first half of 2025 [2] - Over 75% of Tongshifu's revenue is generated from online channels, which helps reduce operational costs but also presents challenges in maintaining customer spending [2] Market Position and Challenges - Despite being a market leader, Tongshifu faces a ceiling in the copper cultural product market, projected to grow from 1.576 billion yuan in 2024 to 2.282 billion yuan by 2029, with a compound annual growth rate of 7.7% [4] - The company’s revenue from copper products has consistently exceeded 94%, while new categories like plastic trendy toys contribute minimally [4] Cost Pressures - Rising copper prices and increasing labor costs, projected to reach 158,000 yuan per year by 2029, pose significant challenges to profit margins, especially given the labor-intensive nature of copper craftsmanship [5] - To address these issues, Tongshifu plans to enhance IP value development through collaborations with museums and non-heritage institutions, as well as expanding international IP partnerships [5] Listing Strategy - The decision to list on the Hong Kong Stock Exchange follows a strategic shift from an earlier plan to list on the Shenzhen Stock Exchange, as the Hong Kong market offers greater inclusivity for cultural enterprises and a broader international investor base [5] - If successful, the funds raised will be allocated to technology development, IP reserves, and market expansion, aiming to overcome the limitations of a niche market [5]

A ank, a 铜师傅。ic 一家缘起于"请关公"的铜工艺品公司，正试图在资本市场讲述一个关于传统文化与现代商业完美融合的故事。 九成以上来自铜质文创产品 杭州铜师傅自成立以来，一直专注于将传统工艺与现代设计和使用场景相结合，开发铜质文创产品。根据弗若斯特沙利文报告，截至2024年底，杭州铜师傅 在中国铜质文创工艺产品市场按总收入计位列第一，市场份额达35%。 在杭州铜师傅的产品矩阵中，铜质文创产品为核心品类。招股说明书显示，铜质文创工艺产品市场相对集中，前三大市场参与者共同占截至2024年底按收入 划分的市场总额的71.9%以上。 2022年至2024年以及2025年上半年，杭州铜师傅的铜质文创产品的收入分别约为4.8亿元、4.88亿元、5.51亿元、2.93亿元，分别占同期总收入的95.4%、 96.3%、96.6%及94.9%。 | | | | 截至12月31日止年度 | | | | | 载至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | ...

2025年11月11日，港交所官网的一则披露消息，让文创圈与资本圈同时将目光聚焦于一家专注铜质文创产品的企业——杭州铜师傅文创(集团)股份有限公司 （以下简称"铜师傅"）。其上市申请已正式获受理，招银国际担任独家保荐人。 这家背后站着小米、顺为资本的文创企业，即将在资本市场迎来关键一役。 在黄金、白银占据主流消费市场的当下，以铜为核心材质的铜师傅，不仅在细分领域站稳脚跟，更以35%的市场份额（据弗若斯特沙利文2024年度报告）成 为中国铜质文创工艺产品市场的"领头羊"。 这个多数消费者仍感陌生的品牌，究竟凭何在小众赛道突围，又为何能获得雷军的青睐？ 铜质文创企业，上半年营收达3.08亿 铜师傅的崛起，离不开创始人俞光与核心伙伴俞清的"艺术+实业"双重基因。上世纪90年代初，俞光就读于绍兴市中等专业学校工艺美术班，对传统工艺的 热爱在此萌芽。而他的弟弟俞清，1997年毕业于中国美术学院，扎实的专业功底为后续产品设计埋下伏笔。这种艺术基因的传承，成为铜师傅区别于普通工 艺品企业的核心优势。 毕业后的兄弟二人，率先在卫浴领域试水，积累了产品研发、供应链管理的实战经验。一次偶然的机会，他们发现铜材质在文创领域的独特价 ...